What 2015 Market Action Tells Jim Cramer About the Nasdaq Today

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The S&P and Dow are lower, with tech being the laggard in morning trading.

In a morning tweet, Bespoke Invest tweeted, "In the first hour of trading, the Nasdaq has dropped 3.9% and rallied 2.2%. Is this February 2021 or February 2020?"

However, stocks came off their lows as Jerome Powell, chair of the Federal Reserve, spoke in front of Congress.

Powell, in testimony before the Senate Banking Committee on Tuesday, said the U.S. economy was "a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved."

Recap TheStreet Live: Everything Jim Cramer Is Watching in the Markets Tuesday